Would you prefer to work hard for the stuff you want or not work so hard but have your basic needs...
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Transcript of Would you prefer to work hard for the stuff you want or not work so hard but have your basic needs...
Capitalism
Would you prefer to work hard for the stuff you want or not work so hard but have your basic needs provided?
What is capitalism?Two other names for capitalism?
Warm-up:
Economic system based on free markets, where supply and demand set prices for goods, labor and servicesPrivate citizens own factors of
productionMarket system/free enterprise system
Warm up Answers
Today I will be able to analyze the four important characteristics of a capitalist economy by constructing a short response.
Content Objective
Choose your jobMind your own business
Think, pair, share: What factors do you consider when looking at a career-type job?
1. Economic Freedom
Many opportunities to sell products
2. Voluntary Exchange
The right to control your possessions e.g. homes, cars, ideas, and abilities
Gives incentive to work
3. Private Property
The drive to improve your material well-being drives capitalism.
4. Profit Motive
Free markets set prices for goods, services, labor, without interference from government
Free Markets
Supply and DemandPrices are set without interference
Low supply=high demand= higher prices
High supply=low demand= lower prices
CapitalResources necessary for a business to operate, including
Money Knowledge Property,
buildings, machinery, etc.
LaborPeople willing to work for market wage
When is the market wage too low or too high?
ReadPages 33-41
What are the benefits of capitalism? What are the negative aspects of capitalism? Explain your response with plenty of facts and examples.
Exit Ticket- SCR